Financial abuse more prevalent than ever

Americans over 60 years of age lost at least $2.9 billion in 2010 to financial exploitation.

This is one of the main reasons federal regulators are launching an investigation into national elderly financial abuse, according to the Los Angeles Times.

“The silent crime of financially exploiting the elderly is widespread, and it is devastating,” said Richard Cordray, the director of the Consumer Financial Protection Bureau, “It is critical for us to act.”

The article states that scams have increased since the economy began to struggle a few years ago. Eighty-four percent of elderly financial exploitation experts believe the problem is becoming worse.

When a loved one is placed in a nursing home, the last thing he or she should have to deal with is financial abuse from one of the home’s employees.